In Miami, the 97-site Horizon Mobile Home Park is getting a three-year acquistion/bridge loan for $1.7 million at 7.25% interest amortized over 25 years. The loan-to-value ratio is 72.3%.
In Lake Alfred, FL, the 258-space Cypress Greens Mobile Home Community has obtained a $3.7 million loan, priced over the one-month LIBOR. The loan features a staged funding of earn-outs which allows the borrowers to earn additional loan proceeds as the community is leased up.
The loan has a ceiling rate of 10%; a floor rate of 6.5%; and carries a five-year term with interest-only payments until the amount of the loan proceeds are full advanced, according to Collateral Mortgage's prepared statement.
Payments are based on a 30-year amortization scheduled after the proceeds are all paid out. Monroe & Giordano, a Tampa, FL-based mortgage firm, participated in the transaction.
In Auburndale, FL, Tower Manor Mobile Home Park has received an $825,000 acquisition/bridge loan at a fixed interest rate of 7.5% on a three-year term amortized on a 25-year schedule. The loan-to-value ratio is 74.3%.
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